Business
Subscription by the company
Subscription by the company.
About this update from Time Finance Plc
[{"type":"text","content":"\n Timestrip PLC\n06 May 2008\n\n\n\n Timestrip Plc (the 'Company')\n\n Subscription by the Company\n\n\nThe Company is pleased to announce that it has raised £1,162,512, before\nexpenses, through a subscription by the Company of 53,820,000 new ordinary\nshares of 0.02 pence each ('New Shares') at a price of 2.16 pence per share (the\n'Subscription Price'). The net proceeds from the Subscription will be\n£1,024,035. The Subscription Price represents a discount of 25 per cent. to the\nclosing middle market price of the Company on 2nd May 2008 (being the latest\npracticable date prior to the organisation of the Subscription). The New Shares\nwill represent approximately 17% per cent. of the current issued share capital\nof the Company.\n\nThe Subscription is conditional upon admission of the New Shares to trading on\nAIM.\n\nThe Company is actively engaged in negotiations to secure new contract wins and\nis also in discussions with third parties wishing to license its IP in order to\nmanufacture in local markets. The funds raised from the subscription will be\nused for the ongoing working capital and capital expenditure requirements of the\nCompany in its efforts to secure these contracts and license deals over the\ncoming months.\n\nApplication will be made for the New Shares to be admitted to trading on AIM and\ndealings are expected to commence on 9th May 2008.\n\n\n6 May 2008\n\n\nFor more information, please contact:\n\nPaul Freedman, Joint CEO, Timestrip plc 01462 440 700\nShane Dolan, Biddicks 020 7448 1000\nBobbie Hilliam, Evolution Securities 020 7071 4300\n\n\n\n\n This information is provided by RNS\n The company news service from the London Stock Exchange\n MMBMBTP \n ","length":2058,"tagName":"div"}]